BUCKFIELD — The Regional School Unit 10 board of directors Monday approved a $37 million budget for the next fiscal year, a $3.7 million increase from this year.

The average increase for each town is 7.95%. However, the district will use $1.35 million left from this year to lower town assessments.

During Monday’s meeting at Buckfield Junior-Senior High School, Business Manager Leah Kaulback said the district received a bill for $65 million from the Maine Municipal Bond Bank on April 24. The district loan is to pay for construction of Mountain Valley Community School in Mexico. The total cost of the prekindergarten-to-eighth-grade school is estimated at nearly $92 million, with the state Department of Education covering 98% of it.

Groundbreaking began in February and the project is expected to be completed in late 2025 or early 2026.

“The first two interest-only payments are due in the 2025 fiscal year, one in November and one in May,” Kaulback said. “The total of those two payments is nearly $2.41 million, she said.

The 2025 fiscal year begins July 1.

Kaulback also said the Maine Department of Education recently increased the district’s state subsidy by $2.4 million to cover the interest payments on the bond.

“The difference of $39,951 will be paid by Roxbury because they are a minimum receiver,” she said. They have fewer students who attend RSU 10 schools so they receive no state subsidy, she explained.

The budget will be presented at a districtwide meeting and vote at 6:30 p.m. May 29 at Mountain Valley high School in Rumford. The final vote is set for June 11 at polling places in Rumford, Mexico, Roxbury, Sumner, Hartford, Buckfield and Hanover.

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